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Home > Illinois > HB6645
Tagged in: Financial Institutions, General Assembly, Mortgage

Latest Update: Thursday, July, 24th 2008

STATE FUNDS-DEPOSIT-MORTGAGES

Amends the Deposit of State Moneys Act. Requires the State Treasurer to implement and administer, by rule, a program requiring financial institutions to make mortgage loans on residential property in order for that financial institution to be eligible for investment of State funds in that financial institution. Requires the rules to contain provisions concerning not rejecting residential mortgage loans because of the location of the property, minimum assets to be invested in residential mortgage loans, minimum annual new residential mortgage loans, and reporting and auditing. Requires the Treasurer to report annually to the General Assembly. Effective immediately.

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Latest Actions
  • 05/19/2008 - First Reading
  • 05/19/2008 - Referred to Rules Committee
  • 05/16/2008 - Filed with the Clerk by Rep. Brent Hassert
  • 05/16/2008 - Chief Co-Sponsor Rep. Ronald A. Wait
  • 05/16/2008 - Chief Co-Sponsor Rep. Renée Kosel

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